Compass Mining CEO, CFO Step Down Amid Payment Dues Controversy

Compass Mining, a Bitcoin hardware mining company, is in the process of restructuring its corporate functioning in the face of the ongoing crypto slump. Whitney Gibbs and Jodie Fisher, the respective chief executive officer (CEO) and chief financial officer (CFO) of Compass Mining have submitted resignations from their posts. The development comes at a time when the company is facing allegations of not clearing utility bills at a facility in Maine, US. That facility is owned by Dynamics Mining.

With immediate effect, the company has appointed Chief Technology Officer Paul Gosker and Chief Mining Officer Thomas Heller as temporary co-presidents and CEOs to head Compass Mining for the time being.

The Board of the company will begin seeking permanent hirings for the high-profile CEO and CFO positions.

“We recognise that there have been multiple setbacks and disappointments that have detracted from that objective. Through this restructuring, the company is wholly focused on regaining the goodwill of our stakeholders and the community. These changes are being implemented to achieve the next level of growth for Compass Mining,” the company wrote in a blog post.

Launched two years ago in 2020, Compass Mining provides Bitcoin-first, proof-of-work (PoW) mining hardware and hosting services.

The company also offers procurement, deployment of mining machines, and resale for institutional as well as retail clients.

Earlier this month, Dynamics Mining posted a tweet accusing Compass Mining of not paying power consumption charges in the Maine facilities. PoW mining is infamous for using boat-loads of electricity.

“All you had to [do] was pay $250,000 (roughly Rs. 2 crore) for three months of power consumption,” the Dynamics team added.

For now, a statement from Compass Mining remains awaited in the matter.